Samsonite Boss Steps Down After Degree Row
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2018-06-01 HKT 11:21
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Luggage maker Samsonite said its CEO has stepped down following a report by a short-seller that questioned his credentials and the company's accounting.
The company said in a statement on Friday that Ramesh Tainwala resigned for personal reasons.
A research reported issued by US-based investment firm Blue Orca a week earlier said Tainwala had falsely claimed on his resume that he had a doctorate degree in business administration.
Blue Orca also alleged Samsonite played "accounting games" related to its 2016 purchase of luxury baggage maker Tumi.
Samsonite called the report "one-sided and misleading," and said the conclusions about its financial results were incorrect.
Luxembourg-based Samsonite's Hong Kong-listed shares jumped more than 7 percent after the announcement. (AP)
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